The following Owner-Managed Businesses guidance note Produced by Tolley provides comprehensive and up to date tax information covering:
This guidance note deals with requirements under self assessment specific to sole traders. For further guidance on self assessment, see the Notification of chargeability to income tax and capital gains tax and Self assessment filing deadline guidance notes.
Note that HMRC is running a making tax digital pilot under which self-employed taxpayers and landlords, other than those renting out furnished holiday lettings, can volunteer to use software to keep business records digitally and send income tax updates to HMRC. This removes the need to file a self assessment return unless the individual has other sources of income in which case a return is still required. Guidance can be found at Sign up your business for Making Tax Digital for Income Tax and Follow the rules for Making Tax Digital for Income Tax.
There are two types of self-employment supplementary pages: short pages (SA103S) and full pages (SA103F).
The short pages contain sufficient entry boxes for the typical small business, whereas, the full pages have boxes covering the more unusual types of income or deductions.
HMRC’s guidance on the Self-employment (full) supplementary pages notes (page SEFN1) is that a sole trader needs
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This guidance note explains the general rules surrounding the availability of indexation allowance on the disposal of company assets and provides information on the rebasing rules for assets held on 31 March 1982. For an overview of the general position regarding company disposals, please refer to
This guidance note explains how to calculate the amount of tax that arises under the lifetime charge. In general terms the lifetime charge will apply to individuals who transfer property into a trust that is subject to the relevant property regime. See the Chargeable transfers and Occasions of
Maintenance payments are payments made by a taxpayer to their former or separated spouse for the maintenance of that former spouse or their children. To obtain any tax relief for maintenance payments, one of the couple must have been born before 5 April 1935 and the payments must be made by virtue
What is structures and buildings allowance (SBA)?From 29 October 2018, expenditure on constructing a non-residential building or structure, or in certain cases, expenditure on acquiring such a building or structure, qualifies for an SBA. The following note has been updated for the changes announced
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